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Originally Posted by crockett
Did you know that Yesterday Obama signed into law the ability for US oil producers to export up to a million barrels of oil a day. That's something that hasn't been done since the 70s.
This is basically a fuck you to OPEC for trying to kill oil production in the US by driving the prices down. What this means is now OPEC and Russia will have competition from the US in Europe. Bush didn't even have the balls to do that..
Does Obama have your permission to claim responsibility for his signature on that?
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I just clarified myself on this by reading a few articles.
BO did not sign anything into law on this. IN fact, what happend was the BIF cleared up some mirky legislation on condensed distillate exports.
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The Bureau of Industry and Security (BIS), which regulates U.S. export controls, has come under enormous scrutiny over the past year because of growing pressure to clarify confusing regulations on exporting crude.
On Tuesday, the BIS said it had given permission to "some" companies to ship treated light oil but did not give details about what it had approved.
One administration official said the question of exports would ultimately be left to the market, and that the agency was simply seeking to "make the boundary line clearer."
Even so, with no changes to the core U.S. law that bans raw crude exports, even slower growth will eventually stretch refiners' limits, forcing tougher questions in years ahead.
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BO takes credit for allowing oil exports! good 1 crockett.